Testamentary trusts can split income among beneficiaries to suit their tax situations, and offer asset protection in the event of children going bankrupt or suffering a marriage breakdown. It’s best done with the help of professional advice from a solicitor or trustee company. “It’s not something you do through a will kit — it’s written into the will and is really something you need to get advice around.”

A standard will may cost you about $200 and a testamentary trust another $200, Budreika says. He prefers people appointing a professional to manage the trust rather than a friend or family member.

“Most people who get left as an executor of an estate have no idea what to do.

“In the end you can’t stop people from doing what they’re going to do, but you can try and mitigate mistakes as much as possible.”

Review your nominated beneficiaries, check that dependants you nominate are allowed under current laws, and remember that your superannuation does not automatically form part of your will.

People wanting their super to be part of a will and testamentary trust need to make that nomination with their super fund.

Testimonials

“With the advice we needed we were able to save thousands of dollars in fees and taxes relating to our superannuation alone. We restructured finances to better reflect our personal and family goals”

“Right from my first meeting with Planning for Prosperity, Daniel was very open with me and has taken me through the process carefully and caringly with the aim to provide the best financial advice.”

“They investigate and consider an array of options and variables, of which some we had not considered… It is a complete package that we feel confident and secure in, with our financial matters being optimally managed within a very open, approachable and professional environment.”